Cohen & Steers launches RE securities fund.Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. & Steers, Inc. announced that Cohen & Steers International Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Fund, a new open-end fund Open-End Fund A mutual fund that continues to sell shares to investors, and will buy back shares when investors wish to sell. Notes: Open-end funds have no limit to the number of shares they can issue. The majority of mutual funds are open end. investing primarily in non-U non-U adj. Chiefly British Not characteristic of the upper class, especially in language usage. [non- + U2. .S. real estate equity securities, has commenced operations. Under normal market conditions, the fund will invest at least 80% of its total assets in a portfolio of non-U.S. real estate equity securities. The investment objective of the fund is total return. "We believe the international market for real estate securities has significant growth potential," remarked Martin Cohen, co-chairman and co-chief executive officer of the company. "In our view, the international market today is similar to the U.S. market in the early 1990's, when U.S. REITs were beginning their strong growth phase." Robert Steers, co-chairman and co-chief executive officer, added, "Europe and certain Asia-Pacific markets are moving quickly to adopt REIT-like structures, creating new investment opportunities around the world." Mr. Steers noted that the universe of public real estate companies outside the U.S is larger than the U.S. market, providing a potentially wider breadth of investment opportunities to investors. The fund is subadvised by Houlihan Rovers S.A., a Belgium-based real estate securities investment manager in which Cohen & Steers owns 500% of the capital stock. As of March 31, 2004, Houlihan Rovers had nearly $800 million in global real estate securities under management. John McCombe John McCombe (b. 7 May 1985, Pontefract, Yorkshire, England, UK) is an English professional footballer who currently plays for Hereford United. His elder brother Jamie plays for fellow newly-promoted Championship side Bristol City. , executive vice president and director of sales and marketing for the company, noted that the fund--the firm's first international real estate securities offering--may offer significant diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. benefits, in addition to attractive return potential. |
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